The National Credit Union Administration (NCUA) on March 31 liquidated North Dade Community Development Federal Credit Union (North Dade) of Miami Gardens, Florida.
NCUA made the decision to liquidate North Dade Community Development Federal Credit Union and discontinue operations after determining the credit union had violated various provisions of its charter, bylaws and federal regulations.
In November 2014, North Dade was fined $300,000 by the Financial Crimes Enforcement Network for violation of the Bank Secrecy Act (BSA).
North Dade reported a loss of $672,414 for 2014.
This is the second credit union to be liquidated in 2015.
Read the press release.
Why were they fined?
ReplyDeleteHow is that relevant?
ReplyDeleteYou should have read the story before you asked such a dumb question.
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